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FEDERAL BULK CARRIERS, INC. v. C. I. R.

No. 806, Docket 76-4162.

558 F.2d 128 (1977)

FEDERAL BULK CARRIERS, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided July 19, 1977.

Attorney(s) appearing for the Case

William F. Indoe, New York City (Sullivan & Cromwell, Robert J. McDonald, New York City, of counsel), for plaintiff-appellant.

Daniel F. Ross, Washington, D.C. (Myron C. Baum, Acting Asst. Atty. Gen., Tax Div., Dept. of Justice, Gilbert E. Andrews, Gary R. Allen, Washington, D.C., of counsel), for respondent-appellee.

Before SMITH and FEINBERG, Circuit Judges, and BRIEANT, District Judge.

BRIEANT, District Judge.

This case was tried in the Tax Court upon stipulated facts, set forth fully in the opinion of Judge Raum below, reported at 66 T.C. 283 (1976). Familiarity therewith is assumed. Briefly stated, appellant (hereinafter "Taxpayer") and another owned all the stock and debentures of a corporation, "Tankers," the sole asset of which was a mortgaged vessel, the S.T. Federal Monarch. The Monarch had been...

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